Gold, silver and precious metals prices jump, dollar dips as Democrats take control of Congress

Gold and silver prices jumped Tuesday morning while the dollar slipped after Democrats won control of Congress in the U.S. midterm elections. Investors moved into precious metals as the projected Democratic sweep raised expectations for larger fiscal stimulus and higher government spending. The dollar's decline added to bullion's appeal by making metals cheaper for holders of other currencies. Markets will now watch the size and timing of any new stimulus package, along with the Federal Reserve's policy response, for the next signal on metals demand.